Chapter 3, Problem 3.12E

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Financial accounting question

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What is siftons assets turnover for 2015?

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Overhead variance?

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Hurwitz, LLC sells a parcel of waterfront land and a residential condo building with an adjusted tax basis of $100,000 and 50,000, respectively for $500,000. The original purchase price Hurwitz, LLC allocated to the building was $600,000. Hurwitz LLC has deducted $550,000 in depreciation expense. Hurwitz, LLC's realized gain on this transaction is $350,000. If Hurwitz LLC takes back a note as part of the proceeds, what is Hurwitz LLC's gross profit percentage? A. 83.33% B. 71.43% C. 70% D. 50% E. 30%